UPDATE: Newmark hangs on to Sagebrush golf course

A new manager has been hired for the course, closed for two years.

A Langley developer says they have averted foreclosure on a highly-regarded Merritt golf course.

A foreclosure had been sought by creditors of the Sagebrush Golf Course, but Newmark’s chief financial officer J.P. Dhaliwal said both the creditors and Newmark have agreed to a refinancing.

The course is owned by Newmark Sagebrush Holdings, one of the firms under the Newmark banner controlled by Mark Chandler.

According to court documents, Pacific Oriental Financial loaned Newmark a first mortgage for $4.1 million and a second for $1.525 million, both issued in the fall of 2015.

The mortgages were extended in 2016.

“The first and second mortgages have matured but in breach of their terms they have not been paid,” said a statement of claim by lawyers for Pacific Oriental.

Also seeking money from Newmark are a list of contractors, all of whom have registered liens against the Sagebrush Golf Course.

They include a paving contractor, an irrigation system installer, a metal fabricator, and a fire safety system company.

“We have had a long road to getting this done simply because golf courses are not easy to finance,” said Dhaliwal.

He said a new general manager has been hired for the closed course.

A lawyer for Pacific Oriental Financial declined to comment.

Despite not being open for two years, Golf Digest ranked Sagebrush, located near the shore of Nicola Lake, the 18th best course in Canada on its Top 30 rankings this year.

The course has been closed since 2014, when its previous owners shut it down and put it up for sale. Newmark bought the course in 2016.

Newmark is also facing a recent court judgement in a case involving CIBC.

The bank made a statement of claim on Sept. 14, alleging that they are owed $225,755.

According to the CIBC claim, Chandler signed up for a CIBC Unlimited Business Operating Account in January, 2015.

Newmark Construction issued “multiple cheques” and requested CIBC pay the amounts until Chandler could make deposits.

“No further depsoits were ever made to Account 1,” said the statement of claim.

CIBC took the matter to court in September.

A default judgment on the matter was issued on Oct. 19, indicating that Chandler and Newmark had failed to respond to the claim in any way.

They were ordered to pay back the money.

Newmark is best known in Langley for its long-delayed Murrayville House condo project. That project, almost finished, is now in the hands of a court-appointed receiver, which is sorting out a number of claims of owernship of units in the building. Creditors have sued Chandler for millions over that project.

Chandler is also facing an extradition hearing over allegations of fraud in the United States.

His next hearing is scheduled for Jan. 25, 2018 in a Vancouver courthouse.

READ MORE: Murrayville House in new hands

Just Posted

VIDEO: Flames consume small building at Langley Events Centre

Thursday afternoon demo shows the importance of having sprinklers installed

Langley program helps youth find their employment niche

The first session of Skills to Success youth employment program wrapped up and a second has started.

Charges laid in 2016 Mission crash that killed Langley teenager

Lidia Ramos died when the car she was riding in slipped off a logging road in heavy rain

Two Langley fire trucks collide on black ice

The fire trucks were being used to block vehicles from icy hill when they started sliding

March 3 ‘hoot-ennany’ at Campbell Valley Park free for all ages

Family friendly event features skull and feather displays, activities, crafts and games

B.C. Games open with Olympic touch

The 2018 B.C. Winter Games kicked off in Kamloops

B.C. ski cross racer wins Olympic gold

Kelowna’s Kelsey Serwa wins the gold medal in thrilling fashion in PyeongChang

More snow expected on the Coquihalla, Highway 3

Environment Canada says five to 10 centimetres will come down between Friday and Saturday mornings

New charges against ex-Trump campaign associates

More charges were laid Thursday against President Donald Trump’s former campaign chairman and his business associate

Man accused in death of Winnipeg teen Tina Fontaine not guilty

Raymond Cormier was accused of killing Indigenous 15-year-old and dumping her body in the Red River

Okanagan real estate agents brace for speculation tax impact

“There’s a real potential for a domino effect to hurt the market in Kelowna.”

Alberta drops B.C. wine boycott, Notley says Horgan ‘blinked’ on pipeline

B.C. government announces court reference on proposed diluted bitumen restriction

Aldergrove Kodiaks take 7-5 win over Flames: ACTION PHOTOS

Kodiaks stave off elimination in game four of PJHL playoffs series

Lane closures on Alex Fraser, Port Mann bridges considered to avoid ‘ice bombs’

Province spent $5 million clearing both bridges last years

Most Read